Moneytree lands $9m to expand beyond Japan


Japanese financial management platform Moneytree has picked up ¥1bn (~$9m) in a Series B funding round.

SBI Investment led the round for the Tokyo-based company with Fukuoka Technology Partners, Hiroshima Venture Capital, Senshu Ikeda Capital Company and UK asset management company Baillie Gifford & Co also participating.

Existing backers Mizuho Capital, SMBC Venture Capital and Salesforce also invested.

Moneytree offers tools and platforms to enable individuals and businesses to aggregate their financial data into a single location.

These include a personal finance app and its Moneytree LINK product, which connects financial institutions with clients through a permission-based data-sharing platform.

Since launching LINK in 2013 the company says it has attracted more than 20 customers and partners including Japanese banking giants Mizuho Bank and Sumitomo Mitsui Banking Corporation.

MoneyTree will use the capital to add further functionality to its consumer and business products as well as expand beyond the Japanese market. It aims to enter Australian  in the coming months.

Moneytree CEO Paul Chapman said: “We are accelerating Moneytree’s growth to deliver seamless access to Japan’s financial services.

“In coming months, we will expand beyond the Japanese market and become a regional player, working for positive change and cementing a position as the most trusted financial data portability platform.”

Copyright © 2017 FINTECH GLOBAL

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